This pattern is very , if there is one more rally that holds below RUT 1376.14 the next decline could be very powerful.
Both of the waves two's up, labeled "(II)" and "II" are both Expanding Flats.
"See Principle" pages 46-48.
There is a high probability of a rally on 1/18/17 if so look for either a .382 or .618 retrace of the wave labeled ".I boxed" which bottomed on 1/17/17.
A move above RUT 1376.14 will invalidate this wave count.